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OTTAWA - Ottawa has given its blessing to the sale of properties
6 L6 S4 U, f3 V, \# `. Powned by Athabasca Oil Sands Corp. to a Chinese company.
$ W/ g. D2 c4 Q9 C1 [ Federal Industry Minister Tony Clement says he has reviewed the
2 y" w) a$ H8 sdeal between Athabasca and PetroChina International Investment Co.7 h! K/ ]7 a( W! e
Ltd. and finds its is likely to be of net benefit to Canada./ z+ q% o4 w6 |3 W0 A
Clement says PetroChina and its parent, PetroChina Co. Ltd., have
( ?' F: m8 d5 q% U/ k( L1 ]/ m3 cmade a number of significant commitments should they be allowed to% M3 {, \; z) n2 C" ?2 [% h
acquire control of the MacKay and Dover oil sands projects.
1 u0 C, W, J0 `- E Among other things, the Chinese concerns have agreed to capital
; M5 S! R% K! T$ cexpenditures in excess of $250 million for developing the properties0 U* X3 g; e/ ]$ i. ?% M/ ^
over the next three years.
2 v& @3 g8 \* C% z0 n They have also pledged to increase employment levels in Canada as1 W, @& t" F4 m x. Y! m
they develop the projects over the next three years and to maintain
4 p3 `# s$ a8 x) ?an Alberta head office for operating companies associated with the3 z+ h6 ^* V" n& K1 s4 F v
projects for the next five years.
* i4 h \3 b% s (The Canadian Press) |
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